CASH vs VXZ: Correlation
Pathward Financial, Inc. (CASH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASH and VXZ?
Across a 3-year window, the weekly returns of CASH and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.30) runs above the 3-year figure (-0.47). Stretching to 5 years gives -0.44, with an annualized covariance of -355.4 %².
VXZ is close to the least connected end of CASH's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with CASH ahead by 18.2 points (+2.1% versus -16.1%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CASH vs VXZ: side by side
| CASH (Pathward Financial, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.1% | -16.1% |
| 5-year return | +71.2% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -22.2% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.24% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASH | VXZ |
|---|---|---|
| 2022 | -27.5% | +0.5% |
| 2023 | +23.4% | -44.0% |
| 2024 | +39.5% | -12.7% |
| 2025 | -3.2% | +5.7% |
| 2026 | +15.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASH and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CASH and VXZ?
The CASH/VXZ correlation stands at -0.47 on a 3-year window (1 year: -0.30, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CASH?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cash-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cash-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CASH correlations · VXZ correlations
